SMEs
As part of Egypt’s endeavors to encourage the integration of unofficial economy projects into the official economy, the law stipulates lawsuits against such businesses are halted once they obtain a temporary license.
Named "Daman" (guarantee), the new financing program is planned to be launched first in Qena governorate to support the national economy, said CGC managing director Naglaa Bahr on the sidelines of SMEs conference... Egypt Vision 2030, organized by the Union of Arab Banks in Luxor.
Addressing a conference on the future of small and medium-sized enterprises (SMEs), which is organized by the Union of Arab Banks (UAB) in the Upper Egyptian city of Luxor, Loqman said the CBE is seeking to equally offer financial services to the majority of citizens across Egypt.
He made the remarks in a speech delivered on his behalf by CBE Deputy Governor Gamal Negm at a conference organized by the Arab Banks Union.
Cairo has shown an early interest in supporting this sector, Etreby acknowledged, noting that this started even before the coronavirus pandemic.
The Credit Guarantee Company (CGC) has been directed to cover financing operations carried out by the banks for the sake of the SME sector, Negm told the conference.
The premier made the remarks during a meeting held on Wednesday with Trade and Industry Minister Nevine Gamea to follow up the status of implementation of the industrial complexes nationwide in the presence of Head of the Industrial Development Authority (IDA) Mohamed Al Zallat.
Upper Egyptian governorates, from the North to the South, are Fayoum, Beni Suef, Menya, Asyut, Sohag, Qena, Luxor, and Aswan.
Egypt has nearly 200 years of experience in the field of implementing small and medium sized enterprises (SMEs), said Executive Director of the International Monetary Fund (IMF) Mahmoud Mohieddine.
The report describes resilience factors, types of responses, and trends of the future.
The decision provides for facilitating some of the regulatory requirements for small and medium-sized companies related to their classification as defaulting clients, in light of the fact that they are the most affected by the repercussions of the Corona virus crisis, which is still ongoing.
Purchases by foreign investment funds and Egyptian individuals forced all indexes of the Egyptian Exchange to decline at the closing of Monday transactions.
The committee is eyeing bigger contribution by SMEs to the national economy in order to reach 80 to 90 percent as in some major countries, Shafie said, noting that in Egypt it only stands at 20 percent.
Saad pointed out that the fund's focus now is investing in green economy as well as cooperating with the private sector.
Egyptian Exchange (EGX) indices went down collectively at the close of Thursday's trading, pushed by sales by Arab and foreign investors, amid anticipation that new incentives would be introduced for the market.
Haya Karima initiative has dispensed loans worth L.E.844 million for small and micro enterprises since its launch in 2019.
Egyptian Exchange (EGX) indices showed mixed performance at the close of Wednesday's trading.
Coordination has been made with the German side to obtain a grant of € 3 million, within the scope of financing the special initiative for employment and training, to finance the project "Partnership to create jobs and support small and medium enterprises in the Arab Republic of Egypt."
Three Factors Highlighted as Crucial to Achieving Desired Security Outcomes: Enabling Business, Managing Risk and Operating Efficiently
The agreement was signed on June 22, 2020 and mainly targets youth and women.
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